Safe Exchange Coin project purpose and description
What Is Safe Exchange Coin?
The crypto sector is unfolding rather fast. Starting from 2009, when Satoshi Nakamoto created the first blockchain network, the developers have been toying with the decentralized technology and taking it to every niche.
But it is the online marketplaces that are helping to advance the concept of cryptocurrencies to the community for mass adoption.
One notable marketplace today is the Safe Exchange. The platform also features its native coin referred to as Safe Exchange Coin (SEC).
- What is safe exchange Coin
Safe Exchange Coin (SEC) is a decentralized and peer2peer cryptocurrency designed for the Safe Exchange market. The exchange and the Coin were developed in 2016 by Daniel Dabek who wanted to provide the community with a flexible system for arranging and settling private or safe contracts.
During the launch, a total of 2.12 billion Coins were created. Note that though the tokens were meant to be the primary method of payment in the Safe Exchange system, they are also effective in sending value using the cryptocurrency exchanges.
- A closer look at the performance of the Coin Safe Exchange Coin
After launching the Safe Exchange, the SEC tokens were also released into the market in February 2016. At this point, the value was $0.00021. The price remained within the range of $0.00021and $0.0007 until April 2017.
Starting from May 2017, the price took an upward trend and hit a peak of $0.01 in August before shifting downwards to $0.007 in early November 2017. In December 2017, the price took a sharp uptrend hitting the peak of $0.84 in January 2018. This was the highest mark in the coin’s history.
But this positive gain was short lived. The price started falling immediately after hitting the peak. By early February, the price had dropped to $0.01 before edging further downwards to $0.012 in April 2018.
Notably, the price of the Safe Exchange Coin (SEC) stabilized around April and has remained around $0.01 until the close of the third quarter of 2018. The early sign of recovery as other tokens continue with the downward trend is an indicator of the potential that SEC hold for growth.
What is the problem that Safe Exchange Coin Solves?
As the cryptocurrency niche continues growing at a fast rate, the crypto community, and blockchain experts are in agreement that the niche is faced by a plethora of challenges. To advance the blockchain technology, different parties propose new ideologies or execute them to demonstrate how the industry can benefit. The following are the main problems that the Safe Exchange Coin (SEC) solves.
- Poor adoption of blockchain technology in the market
Though cryptocurrencies and new tokens keep entering the market at a rapid rate, the adoption and application into the society have been wanting. In many cases, it is the investors who rush to buy tokens when they are announced in an ICO.
As investors lock the coins awaiting the demand to go up and sell at a profit, the society is left with limited tokens to use in other operations. In some cases, the altcoins left in the market require a lengthy process to convert to the supported coins for purchase.
The adoption of cryptocurrencies has also been concentrated in the financial sector as other areas are left out. For example, the top three cryptocurrencies, Bitcoin, Ripple, and Bitcoin Cash, are largely focused on the financial sector. Safe Exchange Coin (SEC) seeks to change this trend by targeting other niches.
- Lack of privacy in the conventional
If you decide to send funds via the centralized financial service providers, the transactions are not secret. A wide array of people including cashiers and bank managers can access the finical records. This is not all.
The political leadership, development planners, and even courts of law can also ask for and get your financial records. This easy access to financial records can make you an easy target by lawyers or even cybercriminals.
Safe Exchange Coin (SEC) seeks to address the problem through complete decentralization. The target is ensuring that only you can know the account balance and get access the financial history.
- Negative perception about the cryptocurrencies
Starting with the launch of Bitcoin, the cryptocurrency niche has been associated with a lot of negative things. Many governments discourage their citizens from using digital coins indicating that they are high-risk undertakings and people should not shift to them.
Take the case of the European Union. The EU Commission together with EU Central Bank have been discouraging people from using crypto coins. The EU Central Bank argues that using digital coins raises the danger of total loss and could compromise the efficiency or different financial institutions to implement their mandate.
The target of Safe Exchange Coin (SEC) with regard to this issue is portraying the digital coins positively. The focus is on demonstrating the coins being used securely and seamlessly in the market.
How Does Safe Exchange Coin Solve The Problem?
When Daniel Dabek started thinking of creating a decentralized exchange platform, he knew that success was only possible if he addressed some of the issues in the market. Here is a demonstration of how Safe Exchange token (SEC) solves the problems:
- Safe Exchange operates as a decentralized marketplace
The decentralized exchange is the most crucial component used to address the outlined issues. As the name suggests, it is an open place that allows members to sell anything across the globe. The platform operates as a common marketplace which implies that any person can join and use the platform to sell or buy products.
The Safe Exchange has standardized agreements that can be purchased or sold just like stocks, bonds, and commodities. People on the platform can also perform complex operations such as real estate transactions and receiving dividends. All the payments on the network are paid using Safe Exchange Coin (SEC).
- The Safe Exchange operates as a completely decentralized platform
Many challenges in the blockchain niche today can be addressed through decentralization. Safe Exchange operates as a completely decentralized system to improve efficiency. Decentralization of Safe Exchange system can be seen in two ways.
One, the Safe Exchange Coin is completely decentralized. This implies that sending value on the system takes place on a peer2peer basis without involving centralized third parties such as banks or credit cards. Payment made using the peer2peer system is cheaper and clears faster compared to the conventional banking system.
Two, the Safe Exchange platform is governed by a Decentralized Board of Trade that progressively monitors the system to ensure that the operational protocol is adhered to. To participate in the Decentralized Board of Trade, you will are required to be a member of the Safe Exchange network and own some SEC.
- The application of Financial Information Exchange Protocol
This is an electronic communication protocol that facilitates the real-time exchange of information about securities and markets. The platform utilizes Safe Network’s privacy and security features to facilitate the exchange of value for prompt payment.
What makes Safe Exchange Coin better than it’s competitors?
When the Safe Exchange Coin was introduced into the market, the competition was already stiff. Therefore, the development team has to craft winning strategies to weather the competition. Here are some of the things that make Safe Exchange Coin better than competitors.
- The coin and its platform are completely decentralized
Unlike the fiat currencies that are run in a centralized way, the Safe Exchange Coin is completely decentralized. This implies that users are able to bypass the centralized organizations. Therefore, transactions are fast and reliable.
- It allows users to join, own and govern the platform
As a decentralized system, the platform is not owned by the creator. Rather, it is owned and managed by the nodes spread in the Safe Exchange network across the globe. For those who own some Safe Exchange Coins, they can become members of the Decentralized Board of Trade.
- The cost of sending value on the platform is very low
The cost of sending value on Safe Exchange is cheaper compared to the conventional banking system. Because transactions are completed on a peer2peer basis, there are no middle-man charges. The only small cost involved is for helping to maintain the network.
Because the value of Safe Exchange Coin is still small compared to others such as Bitcoin and Ethereum, it implies sending value is also lower than them. However, the development team will need to relook at the charges for sending funds when the value of the native coin increases.
- It allows users to buy or sell anything on the marketplace
Unlike most coins such as Bitcoin and Bitcoin Cash in the market today that only facilitate the sending of value, the Safe Exchange Coin is different. The Safe Exchange provides a safe platform that allows traders and individuals to list and sell anything to people with Safe Exchange Coins.
How can Safe Exchange Coin be categorized?
Safe Exchange Coin is a decentralized and innovative coin that is helping to redefine the blockchain niche. The unique design of its native platform and impressive features such as the Decentralized Board of Trade and Financial Information Exchange Protocol has demonstrated that the blockchain can address the issues affecting it through creativity.
But the most impressive feature that has set the platform apart is the marketplace. This implies that people with native Safe Exchange Coins no longer need to wonder where they will use their coins. They only need to find the items they want on the marketplace.
What’s Safe Exchange Coin’s vision on Security
The Safe Exchange Coin’s vision of security is to become the most secure exchange in the industry. The target of the development team was to demonstrate that people can use their coins without worrying about attacks. Here are some of the methods used to keep the network secure:
- The development team progressively reviews the system to identify vulnerabilities and address them to avoid attacks.
- The platform operates as a completely decentralized system. This method helps to ensure that there is no single point of failure. It also facilitates even distribution of native coins to prevent the danger of 51% attack.
- The Safe Exchange platform is fully encrypted. From user details to transaction info, all the details are encrypted to reduce the risk of successful hacking by cybercriminals.
Examples of Safe Exchange Coin’s use cases / applications
One method of gauging how valuable a coin is in the market is carefully reviewing the use cases. The following are the main applications of Safe Exchange Coin.
- You can use the coin to pay for products and services on the Safe Exchange marketplace.
- If you want to invest in the cryptocurrencies, it is advisable to select high potential tokens such as Safe Exchange Coin. Even though the coin was on a bearish trend just like other cryptos like Bitcoin between January and October 2018, it demonstrated early signs of recovery.
- Use the Safe Exchange Coin to send funds on a peer2peer basis. As a decentralized network, users only need to have the public address of the payee to send value. Note that unlike the banking systems that close at night and weekends, you can use Safe Exchange Coin every day including holidays.
- Trade Safe Exchange Coin in the markets. Like other cryptocurrencies such as Monero, you can join the market and trade the Safe Exchange Coin for optimal reward. Note that trading the coins in the market will require you to select an exchange such as Binance and create a trading account.
- Use the Safe Exchange Coin to pay for taxes in your country. If your country allows residents to pay taxes using cryptos, go ahead and pay with SEC. One jurisdiction that has recently passed a legislation to accept cryptos for tax services payment is Arizona.
In April 2018, the Arizona parliament passed Bill HB 1091 that requires the tax authorities to accept cryptos. When a resident pays taxes with Safe Exchange Coins, they are exchanged into USD and credited to your tax account. Other countries that support cryptos include Singapore, Switzerland, and Venezuela.